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Temenos cuts jobs in US; eyes D+H payments business

Banking software vendor Temenos is understood to have laid off a number of staff across its operations in the US, including at the Trinovus and Akcelerant subsidiaries.

It is also understood to be eyeing the payments business of DH Corporation, Global Transaction Banking Solution (GTBS, formerly Fundtech). D+H is known to be up for sale, although it is unclear at the moment whether it will be sold as one entity, or by business lines.

Temenos declined to comment on its interest in GTBS/Fundtech.

Fundtech was acquired by D+H in 2015 for $1.25 billion.

Temenos has been looking to purchase a payments software business for some time, Banking Technology understands, even though it has built its own payments solution, Temenos Payments Suite (TPS), together with ABN Amro. The success and uptake of TPS has been limited so far, according to Banking Technology’s knowledge.

The number of US layoffs has been cited as around 60 by some sources, which Temenos says is “not accurate”. However, no accurate figures have been put forward.

“At present, we are undertaking some limited restructuring of our organisation to align with our strategic focus, which has moved from targeting smaller financial institutions with an outsourcing model to targeting the largest banks and credit unions, which is where we are seeing market traction today,” states Jay Mossman, Temenos’ regional CEO, North America.

If you’ve got preconceptions about what fintech looks like and where it’s happening, then Aleksey Chubar, head of digital transformation at VTB, has news for you. Russia is becoming a hotbed of fintech innovation – not just domestically, but internationally too. More than that, the rapid pace of technological change in the country means you’ll soon wonder how you got left behind.